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Last Wednesday stocks sprinted to an all-time high. Those breakout events are usually followed up with more good cheer. Not this time around as Monday was the 3rd straight session in the red.

Why?

Look no further than your elected officials in Washington who are once again flirting with hitting the debt limit and a possible government shutdown. Not quite sure how "compromise" became a dirty word in those parts, but they sure hate the notion.

Instead both sides would rather hold the nation hostage... which is in no one's best interest. In the end I expect some half-baked solution that keeps the economy rolling along for another 6-12 months until we hit some other unnecessary deadline scenario.

Until this is cleared up, stocks will likely trade in a tight range between the 50 day moving average at 1680 and the recent highs at 1729... probably towards the mid to lower part of that range for now. Once they reach a solution shares should be ready for their next leg higher.

Solution = Buy the Dips (or if already 100% long with top ranked stocks, then stay put as your patience will be rewarded soon enough).

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Best,

Steve Reitmeister (aka Reity...pronounced "Righty")

Executive Vice President

Zacks Investment Research

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Bull & Bear of the Day

Zacks Rank #1

Qihoo 360 (QIHU)

Shares have tripled since April as investors see full circle for the #2 Internet portal in China.

 

Zacks Rank #5

Men's Wearhouse (MW)

Another clothing retailer unravels and blames macroeconomic conditions.


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This Week's Growth & Income Stocks: (BIP) (RNST)

Growth & Income Stock Strategist, Todd Bunton, highlights Brookfield Infrastructure (BIP) and Renasant (RNST) on September 19, 2013.

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Ideas for Banks Business Services and Machinery. Opportunities covered include the Regional Bank ETF (KRE), Wageworks (WAGE) and Middleby Corp. (MIDD).

Earnings HQ

Today's Noteworthy Earnings Before the Bell:   ››  CCLKMXCUKLENKBHNEOG

Today's Noteworthy Earnings After the Bell:   ››  No Significant Releases. Check calendar for specifics.

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Visit the Zacks Earnings Calendar

Recent Earnings Winners

Company Symbol Reported Surprise %Price Chg
ENNIS INC EBF Sep 23 +0.38% +0.82%

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Best Earnings ESP Stocks  

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Est.
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Accurate Est.
Reports Zacks Rank ESP
MICRON TECH MU 0.22 0.28 Sep 26 1 +27.27
SYNNEX CORP SNX 0.95 0.96 Sep 25 2 +1.05
DRAGONWAVE-TS T.DWI -0.26 -0.24 Oct 9 2 +7.69
DRAGONWAVE INC DRWI -0.24 -0.23 Oct 9 2 +4.17
NIKE INC-B NKE 0.78 0.80 Sep 26 3 +2.56
Don't trade these stocks until you have read the Zacks ESP Guide

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